The Bajaj Finance Insta EMI Card is a digital card that converts your big-ticket purchases into easy and manageable monthly payments. It allows you to shop for your favourite products on easy EMIs and repay over a flexible repayment period ranging between 1 month and 60 months. You can use this digital EMI card to shop for over one million products from 1.5 lakh + partner stores across 4,000+ large and small cities.
Your Insta EMI Card card loan limit of up to Rs. 3 lakh works similarly to a loan but without any interest rate. Like other loans, you will have to make monthly payments to avoid penalties and enjoy the privileges the digital card offers.
How can you pay the Bajaj Finance Insta EMI Card EMIs
By following these steps, you can make your Bajaj Finance Insta EMI Card payment effortlessly.
Step 1: Access our customer portal – My Account.
Step 2: Log in to your account.
Step 3: Click on My Relation and open your Insta EMI Card details.
Step 4: Select ‘Make Payment’ option under the ‘Things you can do section’ on your screen.
Step 5: Choose if you want to make advance payments or foreclose your loan.
Step 6: Select your Loan Account Number (LAN) and make the Bajaj Finance Insta EMI Card payment using Debit Card, UPI or Net banking option.
Apply for Bajaj Finance Insta EMI Card
What happens when EMI Card payments are missed?
Even if you choose a comfortable tenure and EMI amount, you may find it challenging to make the payment during certain months. However, missing your EMI payment can have serious implications.
Here are the consequences of missing your EMI payment.
- Impacts credit score: EMI defaults or late payments can significantly drop your credit score. When you miss your Bajaj Finance Insta EMI Card payment, it is marked as a minor or major default on your credit profile. This may show you as a high-risk borrower, potentially hampering your future credit accessibility.
- Negatively affects your creditworthiness: Apart from the credit score, missing an EMI payment also spoils your credit report, which lenders consider assessing your creditworthiness. When you default on a Bajaj Finance Insta EMI Card payment, it puts a 'black mark' or 'red flag' against your credit report. This can make it difficult for you to get approved for a loan in the future. In case you get the approval, the lender may charge higher interest.
- Late fees and penalties: If you miss an EMI payment, the lender may impose late fees and other penalties. These charges can vary depending on the lender and the loan amount. Bajaj Finance charges a penal charge of up to Rs. 5 per day per instalment from the respective due date until the date of receipt of the full instalment(s) amount. Also, bounce charges are levied in case of default of repayment instrument amounting to Rs. 500 per bounce.
